BREAKDOWN: Powell Finally Talks Recession
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 23 June 2022
⏱️ 16 minutes
🧾️ Download transcript
Summary
In testimony on the Hill, the Fed chairman is grilled about whether interest rate increases are going to cause an economic decline.
This episode is sponsored by Nexo.io, NEAR and FTX US.
For the past two days, Federal Reserve Chairman Jerome Powell has been testifying on the Hill before both committees in the Senate and House. One of the most pointed discussions has been around the possibility that the Fed’s rapid about-face on interest rates and other market support might have the unintended consequence of dropping the economy into a recession.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Win McNamee/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Thursday, June 23rd, and today we are talking about Fed Chair Jerome Powell, |
| 0:30.0 | finally talking about the possibility of a recession. Before we get into that, however, a quick |
| 0:35.5 | bit of housekeeping. You can listen to the breakdown in two different ways. |
| 0:40.7 | You can find the show on the Coin Desk Podcast Network, which comes out every day in the afternoon |
| 0:45.2 | and features other great shows in addition to the breakdown. |
| 0:48.2 | Or you can listen on the breakdown-only feed, which comes out a few hours later in the evening. |
| 0:53.2 | Wherever you listen, if you would be so |
| 0:55.0 | kind as to leave a five-star rating or even a review, I would so appreciate it. It makes a really |
| 1:00.7 | big difference, especially when it comes to new people finding the show. Lastly, a disclosure as |
| 1:05.8 | always. In addition to them being a sponsor of the show, I also work with FTX. So for most of this week, we have been |
| 1:12.8 | fairly focused on the crypto side of the house. We looked at what happened this weekend, a crash |
| 1:19.9 | down and then a rip back up, and whether the relief rally that followed has legs under it or |
| 1:26.2 | if it was going to run out of steam. By the way, |
| 1:28.5 | verdicts still out a little bit, but it seems to have run out of some amount of steam at least. |
| 1:32.8 | And then we've also discussed whether that 17,000 number that we saw over the weekend was a |
| 1:38.1 | bottom, or whether there are more factors, more pain to come. Yesterday, specifically, we looked |
| 1:43.7 | at what the impact of minor selling |
| 1:45.7 | might be, but lurking around the corner in all of this, like the mine flare in stranger things, |
| 1:52.5 | is the macro context. The context indeed in which all risk assets are falling is the context set |
... |
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